Canaccord Genuity Group Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective dropped by investment analysts at Canaccord Genuity Group from $78.00 to $76.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 84.33% from the stock’s previous close.

GTLB has been the subject of a number of other reports. Mizuho decreased their price objective on GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $50.00 price objective (down from $63.00) on shares of GitLab in a research report on Wednesday. DA Davidson decreased their price objective on GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Wells Fargo & Company decreased their price objective on GitLab from $65.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Robert W. Baird decreased their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $63.59.

GitLab Stock Down 5.7%

Shares of NASDAQ GTLB opened at $41.23 on Thursday. The stock has a market cap of $6.76 billion, a PE ratio of -128.84 and a beta of 0.75. GitLab has a 52-week low of $37.90 and a 52-week high of $74.18. The business has a 50-day moving average price of $46.45 and a 200 day moving average price of $55.40.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The firm had revenue of $214.51 million during the quarter, compared to analysts’ expectations of $213.21 million. During the same period in the prior year, the firm earned $0.03 EPS. The business’s revenue was up 26.8% on a year-over-year basis. Sell-side analysts anticipate that GitLab will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the transaction, the chief financial officer now owns 344,105 shares of the company’s stock, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value of $2,075,200.00. Following the transaction, the director now directly owns 144,913 shares of the company’s stock, valued at $7,518,086.44. The trade was a 21.63% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 461,584 shares of company stock valued at $23,192,574. 16.37% of the stock is owned by insiders.

Hedge Funds Weigh In On GitLab

Hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its position in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares in the last quarter. Cullen Frost Bankers Inc. increased its position in GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after buying an additional 334 shares in the last quarter. CoreCap Advisors LLC increased its position in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after buying an additional 452 shares in the last quarter. Twin Tree Management LP purchased a new position in GitLab during the first quarter worth $29,000. Finally, Cloud Capital Management LLC purchased a new stake in shares of GitLab in the first quarter valued at $29,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Company Profile

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.